New Issue: Natixis prices $1.145 million 14.75% reverse convertibles linked to AirTran for Eksportfinans

By Laura Lutz

Des Moines, July 26 - Eksportfinans ASA priced a $1.145 million issue of 14.75% reverse convertible notes due Jan. 30, 2008 linked to the common stock of AirTran Holdings, Inc., according to a 424B3 filing with the Securities and Exchange Commission.

Natixis Securities North America Inc. is the underwriter.

At maturity, investors will receive par unless AirTran Holdings stock falls below the knock-in price, 80% of the initial price of $10.22, during the life of the notes and finishes below the initial price, in which case the payout will be in AirTran Holdings stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Amount:	$1.145 million
Underlying stock:	AirTran Holdings, Inc.
Maturity:	Jan. 30, 2008
Coupon:	14.75%
Price:	Par
Payout at maturity:	Par in cash if AirTran Holdings stock stays at or above the knock-in price of $8.176 during the life of the notes or finishes at or above the initial price; otherwise, shares of AirTran Holdings stock equal to $1,000 divided by the initial price
Initial price:	$10.22
Knock-in price:	$8.176, 80% of $10.22
Pricing date:	July 24
Settlement date:	July 27
Underwriter:	Natixis Securities North America Inc.
Fees:	2.25%

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